AT&T and Verizon Design New Payment System to Compete with Credit Cards

A report came through that AT&T and Verizon are partnering up to enable their customers to pay for purchases using their phones. It would be nice to be able to walk into a store just wave the phone in front of a device and leave just like that.

Similar systems are in operation in U.K., Japan, and Turkey. They would compete with existing credit card companies such as Visa and Master Card. The partnership include Discover Financial Services and Barclays to test the feasibility of the concept.

Reported by Reuters.